Justice Nkeonye Maha of the Oyo State Federal High Court, sitting in Ibadan has convicted and sentenced one Ayorinde Festus Morakinyo to jail for illegal trading of naira notes.

The convict was arraigned by the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on March 26, 2025 on a one-count charge that bordered on illegal trading of naira notes.

The charge reads: “That you Ayorinde Festus Morakinyo sometimes in December. 2023 in Ibadan within the jurisdiction of this Honourable Court did sell the sum of N1,000,000.00 (One Million Naira) in N1000 (One Thousand Naira) and N500 (Five Hundred Naira) denominations, issued by the Central Bank of Nigeria for the sum of N50, 000.00 (Fifty Thousand Naira) only and thereby committed an offence contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007 and Punishable under Section 21(1) of the same Act.”

He pleaded “guilty” when the charge was read to him, prompting prosecution counsel, Sanusi Galadanchi to present a witness, Adegbite Adebayo, an officer of the EFCC through whom he tendered incriminating documents and items, and urged the court to convict and sentence the defendant as charged.

Justice Maha convicted and sentenced Morakinyo to six months imprisonment or to pay N50,000.00 (Fifty Thousand Naira) fine.

The convict’s journey to the correctional centre began with his arrest sometime in February, 2024 in a night club in Ibadan, Oyo State where he was trading in naira notes.